on April 13 saidit has successfully emerged from bankruptcyprotection after a federal court confirmed its pre-packaged plan ofreorganization April 11.
The plan ofreorganization eliminated almost $700 million of funded debt and preferred equityobligations and added a new equity investment from certain equity holders.
The partnershipbegan voluntary cases under Chapter 11 in the U.S. Bankruptcy Court for the SouthernDistrict of Texas on March 27. SouthcrossEnergy Partners LP and Southcross Energy Partners GP LLC were not includedin the proceedings.
"The speedof our successful financial restructuring is a true credit to our entire team andreflects the continued support of our owners and lenders," said John Bonn,president and CEO of Southcross Holdings. "This allows us to move forward witha much stronger financial foundation and an enhanced ability to grow and expandour business in the current market environment."